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TRVI

Trevi Therapeutics, Inc.

TRVI

Trevi Therapeutics, Inc. • NASDAQ
$13.19 ▼ -0.75% (-0.10)
Market Cap $1.69 B
52w High $13.78
52w Low $2.36
Dividend Yield 0%
P/E -35.65
Volume 1.33M
Outstanding Shares 128.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $13.916M ▲ $-11.802M ▲ 0% $-0.08 ▲ $-11.779M ▲
Q2-2025 $0 $13.722M ▲ $-12.301M ▼ 0% $-0.094 ▼ $-12.284M ▼
Q1-2025 $0 $11.47M ▼ $-10.34M ▲ 0% $-0.088 ▲ $-10.314M ▲
Q4-2024 $0 $12.205M ▼ $-11.415M ▲ 0% $-0.11 ▲ $-11.36M ▲
Q3-2024 $0 $14.087M $-13.242M 0% $-0.13 $-13.236M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $194.927M ▼ $199.356M ▼ $9.568M ▼ $189.788M ▼
Q2-2025 $203.885M ▲ $208.339M ▲ $9.846M ▲ $198.493M ▲
Q1-2025 $103.257M ▼ $107.004M ▼ $7.547M ▼ $99.457M ▼
Q4-2024 $107.622M ▲ $110.9M ▲ $11.256M ▲ $99.644M ▲
Q3-2024 $65.493M $68.908M $9.939M $58.969M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.802M ▲ $-10.88M ▼ $-50.938M ▼ $1.629M ▼ $-60.189M ▼ $-10.892M ▼
Q2-2025 $-12.301M ▼ $-10.101M ▲ $-2.61M ▲ $110.395M ▲ $97.684M ▲ $-10.101M ▲
Q1-2025 $-10.34M ▲ $-13.477M ▼ $-9.951M ▲ $8.705M ▼ $-14.723M ▼ $-13.477M ▼
Q4-2024 $-11.415M ▲ $-9.55M ▲ $-23.872M ▼ $51.467M ▲ $18.045M ▲ $-9.557M ▼
Q3-2024 $-13.242M $-9.556M $7.667M $4.978M $3.089M $-9.556M

Five-Year Company Overview

Income Statement

Income Statement Trevi is still a classic development‑stage biotech: there is essentially no product revenue yet, and the income statement is driven by research and development and overhead costs. The company has reported steady losses each year, which is normal for its stage. Losses appear relatively controlled rather than rapidly escalating, but until a drug is approved and commercialized, the business will remain structurally unprofitable and dependent on external funding or existing cash resources.

Balance Sheet

Balance Sheet The balance sheet is small but relatively clean. Assets are largely made up of cash and equivalents, with very little debt and positive shareholders’ equity. The external research you provided indicates a cash runway expected to last several years, which reduces near‑term financing pressure. Over the longer term, additional capital would likely be needed for large Phase 3 programs, commercialization build‑out, or post‑approval expansion, but today the balance sheet looks solid for a clinical‑stage biotech of this size.

Cash Flow

Cash Flow Cash flows show a consistent outflow from operations, reflecting ongoing clinical trials and corporate expenses, with no offsetting inflows from product sales. The burn rate looks relatively stable over the past few years, and there is essentially no spending on heavy equipment or facilities. The key question is how long existing cash can support this burn as trials scale up; based on the commentary, management believes they can fund operations through the critical late‑stage development period, but that remains sensitive to trial timelines and any unexpected costs.

Competitive Edge

Competitive Edge Trevi is positioning itself in a focused niche: chronic cough, especially in patients with idiopathic pulmonary fibrosis and other difficult‑to‑treat cough conditions where there are no approved therapies in the U.S. Its lead drug candidate, Haduvio, works through a dual mechanism that differs from the main rival class (P2X3 inhibitors). This could make it attractive for patients who do not respond well to those other drugs or cannot tolerate their side effects. Regulatory setbacks for a key competitor have temporarily eased competitive pressure in the U.S., potentially giving Trevi an opening. However, Trevi is still a small company facing much larger pharmaceutical competitors over time, and it will likely need commercial partners or significant investment to fully compete if Haduvio is approved.

Innovation and R&D

Innovation and R&D Innovation is Trevi’s main asset. Haduvio is an extended‑release formulation of an existing molecule, but it is being used in a novel way with a dual mechanism that targets both central and peripheral drivers of cough. Early and mid‑stage clinical data in chronic cough conditions have been encouraging, with meaningful reductions in cough frequency. The company is taking a “pipeline in a product” approach, testing Haduvio across multiple cough‑related indications and exploring potential use in neurological conditions like Parkinson’s‑related dyskinesia via licensing deals. The intellectual property and exclusive licenses help support this strategy. The flip side is concentration risk: most of Trevi’s R&D value is tied to one primary drug, so future outcomes hinge heavily on late‑stage trial success and regulatory decisions.

Summary

Trevi is a pre‑revenue, clinical‑stage biotech built around a single, differentiated lead asset aimed at areas of high unmet need in chronic cough. Financially, it has recurring losses and negative cash flow, as expected at this stage, but maintains a relatively simple, low‑debt balance sheet and, according to external commentary, a cash runway that should cover planned Phase 3 work. Strategically, its differentiation comes from Haduvio’s unique mechanism and strong early data, plus the absence of approved U.S. treatments in its target indications and recent competitor setbacks. The main opportunities lie in successful late‑stage trials, regulatory approval, and potential expansion into multiple indications, while the key risks include clinical trial failure, regulatory hurdles, reliance on a single core asset, and the future need to execute on commercialization against much larger industry players.

NEWS

November 13, 2025 · 4:05 PM UTC

Trevi Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Updates

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November 6, 2025 · 4:05 PM UTC

Trevi Therapeutics to Report Third Quarter 2025 Financial Results and Provide a Corporate Update on November 13, 2025

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November 4, 2025 · 7:30 AM UTC

Trevi Therapeutics to Participate in Stifel 2025 Healthcare Conference

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October 8, 2025 · 7:30 AM UTC

Trevi Therapeutics Announces Oral Presentation and Abstracts at CHEST 2025 Annual Meeting

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September 18, 2025 · 7:30 AM UTC

Trevi Therapeutics Announces Two Posters from the Phase 2a RIVER Trial Data Will be Featured at the European Respiratory Society (ERS) Congress 2025

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